View Full Version : How to make your hobby spending tax deductable
twisted1
04-03-2012, 09:48 PM
...as the title says, interesting read. Just thought that I would put it out there.
How to Make Your Hobby a Tax Deduction | eHow.com (http://www.ehow.com/how_5939326_make-hobby-tax-deduction.html)
bill walsh
04-04-2012, 11:21 AM
thanks for taking time to show us this
twisted1
04-04-2012, 11:28 AM
You are welcome forum friend.
I'm not a detailer myself-but I've lurked around here long enough to know how much you guys spend on chemicals,websites, licenses...
rustytruck
04-04-2012, 09:15 PM
The issue actually should be how to make sure you're able to deduct your business expenses. I just sat with my accountant on this he said you can deduct your expenses as long as you show a profit 3 out of 5 years. if you start going into that 4th year and no profit the IRS can reclassify your business as just a hobby and then no deductions.
nickgodfrey
04-07-2012, 09:56 AM
Yep, gotta watch those numbers. Write offs are great, but don't overdo it. You gotta show a profit at some point.
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